Mobile Money Market Size - Top Key Players Profiles and Future Prospects, Industry Growth to 2023
Mobile money refers to the payment or exchange of money without using hard cash. It’s a secure payment service designed to comply with the user’s authorized bank’s regulatory framework on the app-based services. Mobile money enables end-users with GSM phones to operate virtual accounts (wallets) by leveraging on an extensive network of agents (the Bank and individuals) for enrolments, cash deposit, and withdrawals.
Due to the convenience of the payment, the mobile money offers, its uptake is rapidly increasing, worldwide. Moreover, the emergence of various developed solutions that enable supermarkets and organizations, in general, to receive mobile money through a shorter process escalates the market on the global platform, increasing its adoption.
Acknowledging the pace at the market is climbing up pervasively, Market Research Future (MRFR) in its recently published study report asserts that the global mobile money market will reach USD 99 BN by 2023, registering a massive CAGR of 31% throughout the forecasting period (2018 – 2023).
Get Free Sample at: https://www.marketresearchfuture.com/sample_request/1052
Additional benefits that mobile payment products offer to end-users such as account inquiries, bill payments, funds transfer, purchases for goods and services, via their mobile phones alongside the unique encryption, and payment gateways that make the payment secured is driving the growth of the market.
In an increasingly smartphone-based world, providers are deliberately promoting primarily over-the-counter (OTC) services, running against an increasingly challenging dynamic. Although the OTC is appealing to some mobile payment providers, today, due to its easier implementation than accounts, they are going to be at especially high risk of getting squeezed out of the value chain as the industry develops.
In order to continue to offer valuable services and contribute to financial inclusion, it is becoming essential for mobile money providers to enable the regulatory environment. In particular, having an enabling regulatory approach has a dramatic impact on both the development of a mobile money market and financial inclusion in general.
Mobile money has completely transformed the landscape of financial services in many developing markets, both complementing and disrupting traditional “bricks and mortar” banking. By leveraging near-ubiquitous mobile penetration and building agent infrastructure, mobile money has introduced a high-volume, low-margin business model that can work for the mass market.
Global Mobile Money Market - Segmentation
The MRFR analysis is segmented into five key dynamics for enhanced understanding.
By Transaction Type : P2P, P2B, B2P, and B2B.
By Mode : Mobile Applications, Smartcard/NFC, and SMS & Web among others.
By Financial Services : Mobile money, Mobile savings, Mobile insurance and Mobile credit among others.
By Verticals : BFSI, Media & Entertainment, Travel & Hospitality, Web Services, Retail, and Healthcare among others.
By Regions : North America, Europe, APAC, and the Rest-of-the-world (RoW).
Mobile Money Market - Regional Analysis
The Asia Pacific region, heading with the high demand for smart cards and smartphones, dominates the global Mobile Money Market Size. Moreover, the presence of leading market players like WeChat Pay (China) and Alipay (China) positively impacts the growth of the regional market.
Whereas, the Indian mobile payment market, backed by the recent government regulations, significantly contributes to the growth of the regional market. The proliferation of smartphones and e-commerce alongside the increasing adoption of mobile app-based payments are some of the significant driving forces fostering the mobile money market in this region. India, backed by the
North America is another lucrative market for mobile money. The market in this region is growing due to the exceeding sale of smartphones and need of portability in the payment gateway market. Besides, technological advancement is also a key factor, driving the market in North America.
The European region, on the other hand, accounts for a significant market share, valuing greatly. Factors such as recent technology developments and a high level of financial inclusion are driving the growth of the mobile money market in the region.
Key players
Players leading the global mobile money market include Alipay (China), WeChat Pay (China), PayPal (US), Samsung Pay (South Korea), Apple Pay (US), Amazon Pay (US), Google pay (US), Chase Pay (US), Vodafone Group PLC (US), and MasterCard (US) among others.
Browse More Details on Report at: https://www.marketresearchfuture.com/reports/mobile-money-market-1052
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Contact:
+1 646 845 9312
Email: sales@marketresearchfuture.com
Blog: http://mrfrblog.com/
Due to the convenience of the payment, the mobile money offers, its uptake is rapidly increasing, worldwide. Moreover, the emergence of various developed solutions that enable supermarkets and organizations, in general, to receive mobile money through a shorter process escalates the market on the global platform, increasing its adoption.
Acknowledging the pace at the market is climbing up pervasively, Market Research Future (MRFR) in its recently published study report asserts that the global mobile money market will reach USD 99 BN by 2023, registering a massive CAGR of 31% throughout the forecasting period (2018 – 2023).
Get Free Sample at: https://www.marketresearchfuture.com/sample_request/1052
Additional benefits that mobile payment products offer to end-users such as account inquiries, bill payments, funds transfer, purchases for goods and services, via their mobile phones alongside the unique encryption, and payment gateways that make the payment secured is driving the growth of the market.
In an increasingly smartphone-based world, providers are deliberately promoting primarily over-the-counter (OTC) services, running against an increasingly challenging dynamic. Although the OTC is appealing to some mobile payment providers, today, due to its easier implementation than accounts, they are going to be at especially high risk of getting squeezed out of the value chain as the industry develops.
In order to continue to offer valuable services and contribute to financial inclusion, it is becoming essential for mobile money providers to enable the regulatory environment. In particular, having an enabling regulatory approach has a dramatic impact on both the development of a mobile money market and financial inclusion in general.
Mobile money has completely transformed the landscape of financial services in many developing markets, both complementing and disrupting traditional “bricks and mortar” banking. By leveraging near-ubiquitous mobile penetration and building agent infrastructure, mobile money has introduced a high-volume, low-margin business model that can work for the mass market.
Global Mobile Money Market - Segmentation
The MRFR analysis is segmented into five key dynamics for enhanced understanding.
By Transaction Type : P2P, P2B, B2P, and B2B.
By Mode : Mobile Applications, Smartcard/NFC, and SMS & Web among others.
By Financial Services : Mobile money, Mobile savings, Mobile insurance and Mobile credit among others.
By Verticals : BFSI, Media & Entertainment, Travel & Hospitality, Web Services, Retail, and Healthcare among others.
By Regions : North America, Europe, APAC, and the Rest-of-the-world (RoW).
Mobile Money Market - Regional Analysis
The Asia Pacific region, heading with the high demand for smart cards and smartphones, dominates the global Mobile Money Market Size. Moreover, the presence of leading market players like WeChat Pay (China) and Alipay (China) positively impacts the growth of the regional market.
Whereas, the Indian mobile payment market, backed by the recent government regulations, significantly contributes to the growth of the regional market. The proliferation of smartphones and e-commerce alongside the increasing adoption of mobile app-based payments are some of the significant driving forces fostering the mobile money market in this region. India, backed by the
North America is another lucrative market for mobile money. The market in this region is growing due to the exceeding sale of smartphones and need of portability in the payment gateway market. Besides, technological advancement is also a key factor, driving the market in North America.
The European region, on the other hand, accounts for a significant market share, valuing greatly. Factors such as recent technology developments and a high level of financial inclusion are driving the growth of the mobile money market in the region.
Key players
Players leading the global mobile money market include Alipay (China), WeChat Pay (China), PayPal (US), Samsung Pay (South Korea), Apple Pay (US), Amazon Pay (US), Google pay (US), Chase Pay (US), Vodafone Group PLC (US), and MasterCard (US) among others.
Browse More Details on Report at: https://www.marketresearchfuture.com/reports/mobile-money-market-1052
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Contact:
+1 646 845 9312
Email: sales@marketresearchfuture.com
Blog: http://mrfrblog.com/
Comments
Post a Comment